SpaceX has set the price for its long‑awaited initial public offering at $135 per share, valuing the deal at roughly $75 billion, according to people familiar with the terms. Trading is scheduled to begin on June 12, following a week‑long roadshow that started on June 4, positioning the listing as one of the largest in global equity markets.
Fidelity has moved to capitalize on expected demand by cutting its minimum account requirement to join the offering from $500,000 to $2,000, opening the door to a much wider base of smaller clients. The move comes as banks and brokers brace for heavy order flow around the listing, which is expected to draw intense interest despite SpaceX reporting a net loss of $4.28 billion in the first quarter of 2026.
Japan taps reserves to defend yen
Japan’s Ministry of Finance disclosed a $75.6 billion reduction in overseas securities holdings in May, pulling total foreign reserves down to $1.09 trillion. Analysts tie the move to a record foreign exchange intervention of 11.73 trillion yen, or about $73.4 billion, as authorities stepped into markets to stem sharp yen weakness.
Officials have signaled they stand ready to act again if currency moves become “excessive,” with the yen recently testing the psychologically important 160 level against the dollar.
Regulators move on crypto tax, bank rules in the us
In the United States, the House Ways and Means Committee is preparing draft legislation to create a formal tax regime for digital assets. The bill is expected to clarify when mining and staking income is recognized, outline partial capital gains relief for certain stablecoin transactions, and extend traditional wash‑sale rules to cryptocurrencies.
Separately, Comptroller Gould told lawmakers that any political pressure his office faced over World Liberty Financial’s bank license application came only from Democratic members of Congress. FDIC Chair Hill said a new rule on identity verification standards for stablecoin issuers is “coming soon,” signaling tighter oversight of on‑chain payment products.
Crypto markets diverge as zcash reels from bug disclosure
Digital asset markets were mixed over the past 24 hours, with major coins moving in different directions. Bitcoin gained 1.64 percent, while Ethereum slipped 0.34 percent and Solana eased 0.12 percent.
Smaller tokens saw far sharper swings. Zcash plunged 28.62 percent after developers disclosed and patched a critical flaw in the Orchard shielded pool that could, in theory, have allowed unlimited token creation. The vulnerability had existed since May 2022 and was fixed on June 2. Because of Zcash’s privacy protections, developers cannot determine whether the bug was exploited, and they are considering an upgrade to help verify total supply.
NEAR dropped 16.12 percent, while speculative tokens DEGEN and MEME jumped 28.66 percent and 16.16 percent, underscoring a split between large‑cap coins and high‑beta names.
Grayscale hype‑linked etf draws fresh inflows
Grayscale’s Hyperliquid Staking ETF, trading on Nasdaq under the ticker HYPG, launched with strong interest. On June 4, US‑listed HYPE‑related ETFs took in $12.15 million in net inflows, with HYPG alone attracting $4.7 million. Those flows pushed total HYPE ETF assets to about $186 million, pointing to steady demand for thematic exposure tied to staking and high‑yield crypto strategies.
CME chief warns on crypto perps as regulators approve first products
Chicago Mercantile Exchange chief Terry Duffy raised alarms over the recent regulatory green light for crypto perpetual contracts in the US, warning of heightened risks for retail traders. His comments followed the CFTC’s decision to approve the first such products for trading on Kalshi, while several other venues prepare similar offerings.
Duffy argued that perpetual futures could amplify leverage and volatility in a market already prone to sharp swings, and said the benefit for large institutions remains narrow compared with established futures and options tools.
Anthropic calls for pause on cutting‑edge ai systems
Artificial intelligence firm Anthropic urged major labs worldwide to temporarily halt development of the most advanced AI models, warning that current trajectories could soon yield self‑improving systems needing minimal human oversight.
The company proposed a global framework to slow the race for frontier models, arguing that regulation and safety standards are lagging behind technical capabilities. Anthropic cautioned that, without coordination, competitive pressures among private labs and governments would make a slowdown almost impossible.
Jane street plans tenfold expansion in ai compute
Trading firm Jane Street is planning a new data center that would expand its computing capacity by a factor of ten, ultimately supporting hundreds of thousands of GPUs dedicated to AI‑driven asset modeling.
The firm, which currently relies on a data center in Dallas and cloud providers such as CoreWeave, aims to bring more of its machine learning infrastructure in‑house to support increasingly complex forecasting models and reduce dependence on third‑party compute markets.
Nova markets raises funds for on‑chain derivatives build‑out
NOVA Markets has closed a new funding round led by Wintermute Ventures, Robot Ventures and other backers, as it works on on‑chain infrastructure for derivatives and prediction markets. The project plans to migrate more perpetual contracts and related products to decentralized platforms, seeking to bridge the gap between centralized liquidity and transparent, composable settlement.
The round drew some public criticism from a partner at Dragonfly, who questioned the depth of due diligence by certain participants, highlighting ongoing debates around risk standards in early‑stage crypto financing.
Summary of key moves for traders
- SpaceX set its IPO price at $135 per share, targeting a roughly $75 billion deal, while Fidelity slashed entry thresholds to $2,000.
- Japan’s record FX intervention cut foreign reserves to $1.09 trillion as authorities fought yen weakness.
- US policymakers advanced tax and banking rules for digital assets, while stablecoin identity checks are set to tighten.
- Crypto markets showed sharp dispersion, with a critical Zcash bug and launch of Grayscale’s HYPG ETF in focus.
- Anthropic, Jane Street and NOVA Markets each outlined major AI‑related and on‑chain expansion plans, as CME’s Duffy warned of rising risk from newly approved crypto perpetual contracts.
Curious how tokenized equities work alongside blockbuster IPOs? Explore our guide on tokenized equities for deeper insight.
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